Meats Futures Prices
- We spotted the top now see where we can expect a bottom
I projected an early January high for grains which is now finding selling. Watch this 7-minute video on when the low may come in before a spring...
- TFM Sunrise Update - January 17, 2020
Dead cat bounce in corn overnight - splendid up trend in winter wheat continues
- Markets Drop on Trade Deal Doubts
Grain market pulled back sharply amiddoubts about whether China will make the purchases from the U.S. they promised in the Phase One trade deal just...
Futures Market News and Commentary
Lean hog May contracts were 2 cents lower at the end of Friday’s session, whereas Feb and Apr futures made gains. The 80 cent gain in the Feb futures pushed the weekly chart positive by $0.425. The CME Lean Hog Index got a 72 cent hike on 01/15 to $60.15. In the CFTC’s weekly Commitment of Traders report, managed money was 9,548 contracts net long in lean hog futures and options. That was a 353 contract strengthening wk/wk. Managed money OI was 6,117 contracts higher wk/wk. USDA’s Pork Carcass Cutout was firm Friday afternoon, only 2 cents lower at $75.47 cwt. USDA’s National Average Base Hog price was down 43 cents to $50.79. Pork bookings from the week ending 01/09 were listed at 38,671 MT. China accounted for 2,289 MT of the bookings, and China was the destination for 38.62% of the shipments. USDA estimates FI hog slaughter through Saturday to be 2.574 million head. That is 121,000 head behind last week’s total on limited Saturday slaughter.
Feb 20 Hogs closed... Read more
Live cattle futures came back from midday lows and ended the week on a high note with Friday gains of 22 to 82 cents in the nearbys. Feb futures were $1.075 lower wk/wk. As for nearby feeder futures, prices made a turnaround since posting midday losses and ended the Friday session with gains of 7 to 17 cents, save for Jan futures which were down by 7. The Friday drop also put futures $2.25 lower on the week. The CME Feeder Cattle index was down by 61 cents on 01/16 to $145.74. Within the weekly CoT report, cattle spec traders were more net long wk/wk, open interest was up 3,427 contracts wk/wk. As for feeder cattle, managed money was shown at 6,913 contracts long following a 1,606 contract strengthening in their position wk/wk. The USDA noted that Friday sales were mostly low, in the South and in NE sales were made at $124, and dressed went for $199 to $200. Afternoon boxed beef prices were higher. Choice boxes were $1.27 higher, and select boxes were up by $1.28. Weekly cattle slau... Read more